New Ireland advises that Critical Illness cover is becoming increasingly important as payouts rise to €6.6 million

In figures released today (24th November 2003) by New Ireland, 35% of critical illness claimants were under the age of forty with a further 34% in the 41-50 age bracket. New Ireland paid out €6.6 million in critical illness claims in 2002. For claims paid out amongst men, 39% were in respect of heart related illnesses, while cancer represented 33%. However, the statistics for females claimants is more startling, with a staggering 78% of claims paid out as a result of cancer related illnesses. The average claim amount was just over €58,000 last year.

"Everyone thinks it won't happen to me, but it's a harsh reality that 6 out of 10 people in Ireland will be affected by a critical illness at some stage in their lives. We all take sensible precautions to protect the important things in our life - our home, our cars, and our assets. It also makes good sense to also protect ourselves. Critical illness cover cannot guarantee our future health but it will help someone deal with the financial implications of being diagnosed with one of the critical illnesses covered", commented Noel Finnegan, Underwriting Manager, New Ireland.

A vast numbers of Irish people have made no provision in the event of their suffering a critical illness and what may come as a shock is the comparatively young average age of claimants. New Ireland's figures further revealed that the average age of male claimants was 45 years, while the average age for females was 43 years.

New Ireland paid out €6.6 million in critical illness claims in 2002. The average claim amount was just over €58,000 last year. 49% of total claims were in respect of cancer followed by 26% in respect of heart related illnesses. Thanks to medical advances people are increasingly surviving these life-threatening illnesses. However, these illnesses bring life altering changes, with many people unable to return to work or requiring specialist medical care or needing to make alterations to their home because of their illness.

When you consider that the current State Disability Benefit for PRSI contributors is €124.80 per week with an additional €16.80 per child, it is essential that people ensure they have adequate private cover to maintain the standard of living they are used to.

Private medical insurance offers excellent protection in that it helps to meet the medical bills. However, this will not pay the day-to-day bills that still need to be paid such as mortgage and credit card repayments, etc. Critical illness cover provides a lump sum payment to help maintain your existing lifestyle and cover the important day-to-day expenses.

In choosing a critical illness policy people should look for a product which offers the flexibility to change with time in accordance with people's needs. New Ireland's TotalCare product offers this flexibility with life cover, critical illness cover and a number of additional benefits such as surgical cash benefit and accident benefit.

"Unpleasant as these statistics are they serve to bring home to us all the importance of prudent financial planning such as arranging critical illness cover in order to avoid personal financial problems", advised Noel Finnegan.

Ends
Date:24th of November 2003

For further information contact:

Anne Mathews,
Media Relations Manager,
Bank of Ireland Group,
Tel: 01-604 3836

Claire Devine,
Life and Pensions Manager,
Bank of Ireland Life,
Tel: 01-617 2711

About New Ireland:

Established in 1918, New Ireland Assurance was the first wholly Irish owned life assurance company to transact business in the country. A wholly owned subsidiary of Bank of Ireland, New Ireland is one of Ireland's largest life assurers, providing a comprehensive range of investment, protection, savings and pensions products. Headquartered in Dublin, New Ireland Assurance employs over 600 people throughout Ireland with offices in 21 locations around the country.

New Ireland Assurance Company plc is regulated by the Irish Financial Services Regulatory Authority.